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July 31 Shifting Trends Report

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7 July 31, 2020 Proprietary Unemployment Does not Currently Correlate to Wages While low unemployment was creating wage pressure pre-Covid due to scarcity of skills, current surge in unemployment coupled with legislative aid minimizes any wage reversal that was anticipated. ✓ Outside of industries most impacted* by Covid, current unemployment numbers are fueled predominantly by low-wage jobs ✓ IT Skills, less than 1% unemployment prior to pandemic, have continued to be in demand and have seen the greatest pressure for wage increases ✓ Recruitment of candidates already employed or those working remotely, often requires wage increase to recruit successfully ✓ Childcare Gap is ongoing challenge for over 1/3 rd of workforce, requiring shift flexibility, increased income, or other incentives ✓ Rather than wages declining over time as pandemic recedes, future compensation is likely to continue to account for job responsibilities such as onsite work or travel requirements *Travel, Leisure, Energy, and Hospitality were impacted more than all other industries combined

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